• Blockstream CEO Adam Back leads a $2.2M investment in Swedish health tech firm H100 Group, supporting its Bitcoin treasury adoption.
• H100 plans to increase Bitcoin holdings to about 24.57 BTC through zero-interest convertible loans maturing in 2028.
• H100 shares jumped 37% after announcing the BTC strategy, highlighting growing market confidence.

Bitcoin adoption continues to expand beyond traditional tech and finance sectors, as Blockstream CEO and cypherpunk pioneer Adam Back leads a $2.2 million (21 million SEK) investment in Swedish health tech company H100 Group AB. The funding supports H100’s groundbreaking decision to adopt Bitcoin as a treasury asset, making it the first publicly traded company in Sweden, and one of the first in Europe, to do so.

On May 25, H100 confirmed it had secured the funding via zero-interest convertible loans. The capital will be used to purchase additional BTC, expanding on the firm’s newly announced Bitcoin treasury policy, which was unveiled just days earlier on May 22. With this raise, H100 plans to acquire approximately 20.18 BTC at current market prices, adding to the 4.39 BTC it already purchased. It would bring the company’s total holdings to around 24.57 BTC.

Adam Back personally contributed approximately $1.4 million to the funding round. The remaining $800,000 came from Nordic investment groups, including Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners. The participation of one of Bitcoin’s earliest advocates, alongside well-established investment firms, signals growing institutional confidence in Bitcoin’s role as a corporate treasury reserve.

The convertible loan agreement stipulates no interest and matures on June 15, 2028. Investors have the option to convert the loan into equity at any time for 1.3 SEK (approximately 11 cents USD) per share. If H100’s share price stays 33% above the conversion rate over a 60-day trading period, the company may enforce a mandatory conversion. If fully converted, the loan would result in approximately 16.15 million new shares, leading to a dilution of around 12%.

H100 Shares Soar 37% After Bitcoin Move

Market reactions were immediate and enthusiastic. On May 22, H100 shares surged 37% following the announcement of its Bitcoin treasury strategy and climbed another 5.33% the following day, closing at 1.29 SEK (around 14 cents USD), according to Bloomberg data.

Unlike most companies entering the BTC space, H100 operates in the health tech sector, developing tools that empower individuals to take proactive control of their health. According to CEO Sander Andersen, this mission aligns closely with the decentralized and sovereignty-focused values of the Bitcoin community.

“The values of individual sovereignty highly present in the BTC community align well with and will appeal to the customers and communities we are building the H100 platform for,” Andersen said in a May 22 post on X (formerly Twitter).